Trying Out Mental Models

I’ve been hearing a lot about mental models. How they improve decision making, and can supplant heuristics we use day to day in our brains.

Over the next 30 days, I plan to use them to help me make decisions and see if I become happier, more productive, have a positive overall ROI.

via GIPHY

The Rules

Focus on one per week, try and make at least one major decision and two minor decisions based off the model of the week. First up, regret minimization.

The Models

  1. Regret Minimization Framework
  2. ICE

Make short-term decisions using this model: When facing many options needing prioritization, score each on a scale of 1-10 using three variables.

The positive impact it would have if it succeeds.
The confidence you have that it will succeed if you try it.
How easy it would be to try it.
For each option, average its three numbers to get its ICE score. Then order all your options by their ICE scores. Options at the top of your list will have the highest expected value and should be given priority.

  1. Pareto Principle
  2. Eisenhower Matrix